On December $31,2023,$ Pronghorn Cabs Incorporated was granted $10$ taxi licences by the City of Somerdale, at a cost of $\backslash (\backslash$$ $1,480\backslash )$ per licence. It is probable that Pronghorn Cabs will receive the expected future economic benefits of the taxi licences. There is an active market for taxi licences in Somerdale.

$($a$)$ Prepare the journal entry to record the costs incurred. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

List of Accounts